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RCAF Association Trust Fund October 13, 2018 National RCAFA Biennial General Meeting Calgary, Alberta
Overview Introduction Trustees TF Financial Situation Two-Prong Fund Generation Strategy Strategy results Financial Report end FY 2017/2018 (Jun 30, 2018) Future
Introduction Board Membership Stability Trustee visits to Groups and Wings Trust Fund presentations assist RCAF Association pursue air force traditions and history projects that require member financial support plus moral support to your Group Trustee
Board of Trustees Chairman: John Murphy Trustees: Atlantic Qu bec Ontario (East) Ontario (Cent) - Bruce Harten Alberta British Columbia - Tom Harper - Daniel Miller - Brian Darling - Larry Paziuk - Michael Roy Secretary: Dean Black Treasurer: Wendy Song
Financial Situation Donations have increased over the past year due to the hard work of the Trustees and the resultant support of the Association members, however, still below set goal. The Air Cadet Continuation Flying Bursary Fund is still unable to support the three annual bursaries. The December 30, 2018 target date to attain appropriate funding will not be met.
Fund Generation A two-prong strategy was implemented in 2016 1: raise $100,000 in two years (by Dec 31, 2018) 2: raise $10,000 annually
Campaign Goal #1 Raise $100,000 from Apr 1, 2016 to Dec 31, 2018 Air Cadet League Continuation Flying Training Awards ($7,500 - three annual $2,500 awards from the account interest) Interest from $300,000 will help fund future annual awards if rates are 2.5% or above We have over $247,000 in the ACL-CFTA account Awards have been expanded to include use the awards for post secondary education in air/aviation related fields
Campaign Goal #2 Raise $10,000 annually For non-designated/non-forecast projects Beneficiaries - RCAF Association Wings - Academic institutions - Air Cadets - Aerospace preservation projects, etc. Groups were asked to encourage Wings to donate Need entire RCAF Association membership to participate to succeed
Campaign Results end FY 2017/18 results: CFTA Goal #1 only earned interest for one $2,500 bursary given in 2017 and one in 2018 Goal #2 almost doubled the previous year to $7,213 but well short of annual $10,000 goal Making progress but need to continue to push for more fund generation support at all levels Interest rates are rising, but that s not the panacea
Non-Designated Funds Start FY 2017/18: $36,828.79 NDF Donations Received $7,212.80 Total: $44,041.59 NDF Dispersed $8,652.77 End FY Balance: $35,388.82
Non-Designated Funds Dispersed: Perley Rideau Vets Health Centre $1,200.00 111 Wing Centennial of Flight $1,000.00 427 Escape Map Restoration $1,805.27 Birchall Leadership Dinner Sponsor $2,947.50 Reunion of Gladiators $1,700.00 TOTAL $8,652.77
Financial Report end FY 2018 Trust Fund Assets End FY cash balance Cash Balance $58,024.30 Investments Manulife Securities $23,975.09 Due from AFAC $853.46 Other Non-current Asset $202.50 Total Assets: $82,853.45
Financial Report end FY 2018 Liabilities Typhoon Memorial $8,100.00 Bomber Command Memorial $3,680.37 RCAF Association Ambassador $1,239.70 410 Wing $5,788.00 801 Wing Battle of Britain $100.00 427 Sqn Association $4.80 408 Squadron Association $96.00
Financial Report end FY 2018 Liabilities (Cont d) Chris Hadfield Painting $1,958.00 Accrued Audit Fee $3,300.00 Accounts Payable $110.00 Benevolence Fund $1,920.00 Vimy Flight $50.00 Air Cadet Fundraising $9,702.59 Air Cadet Medals $5,881.25 TOTAL Liabilities $40,770.71
Financial Report end FY 2018 Trust Fund Equity Balance beginning of FY2018 $92,781.72 Receipts $107,262.59 Disbursements $117,190.96 Total Liability & investments: $82,853.35 * Funds for discretionary (non-designated) grants are $15,259.59, about $1.1K over past 3-year average
Reminder Funds enable support, assistance & promotion of: Young Canadians, especially Air Cadets Canadian Aviation & Canadian Aviation History projects Last but not least: RCAF Association WINGS
For Clarity Donated funds are either designated or non-designated. The designated funds go to the specified organization or that the donor names (designates) If the donation is received without a target receiver, then the Trustees have funds to disperse in response to requests for help. With zero Non-designated funds, the handling of donations would be a cut and dried administrative function.
For Clarity (contd) Your Trust Fund also sets up Co-operative Partnership Agreements with appropriate agencies such as: RCAF Association Wings 427 Squadron Association Cenotaph Fund to enable donations for these projects to funnel through the RCAF Association Trust Fund that will provide donors with income tax receipts Our admin overhead rate is ~ 5.6 to 6.0%, a very small fee for facilitating this important service & is met by collecting up to 10% from each direct donation. Donations to the RCAF TF through CanadaHelps.org, have a lower handling fee (3.5 to 5.6%)
Closing Remarks It has taken 3 years to reach 50% of the $100K goal. Encourage Members to make a Will bequest to the CFTA. Progress is slow on NDF raising we have to be patient. We have the finest slate of Trustees, Secretary and Treasurer and hope they all stay the course and get the support they truly deserve. Increase current fund generation efforts at all levels.
Final Remarks Please collectively & individually support your Trust Fund to enable it to continue the work it has been laudably conducting since 1975 and hopefully your Trust Fund will continue to do so on into the future.
Conclusion Questions? Thank you
